Aiko, LLC has provided the following data for the month of November. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month. Work in ProcessFinished GoodsCost of Goods SoldTotalDirect Materials$ 7,871$ 7,905$ 4,193$ 19,969Direct Labor10,72712,5056,73029,962Manufacturing Overhead Applied44,20552,31820,339116,862Total62,80372,72831,262166,793The company allocates any underapplied or overapplied manufacturing overhead among work in process, finished goods, and cost of goods sold at the end of the month on the basis of the overhead applied during the month in those accounts. Manufacturing overhead for the month was overapplied by $10,383.The cost of goods sold for the month after allocation of any underapplied or overapplied manufacturing overhead for the month is:

Over-applied Overhead means the actual expenses are less than the budgeted expenses. The working for…

Answered: Aiko, LLC has provided the following…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Aiko, LLC has provided the following data for the month of November. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month.

	Work in Process	Finished Goods	Cost of Goods Sold	Total
Direct Materials	$ 7,871	$ 7,905	$ 4,193	$ 19,969
Direct Labor	10,727	12,505	6,730	29,962
Manufacturing Overhead Applied	44,205	52,318	20,339	116,862
Total	62,803	72,728	31,262	166,793

The company allocates any underapplied or overapplied manufacturing overhead among work in process, finished goods, and cost of goods sold at the end of the month on the basis of the overhead applied during the month in those accounts.

Manufacturing overhead for the month was overapplied by $10,383.

The cost of goods sold for the month after allocation of any underapplied or overapplied manufacturing overhead for the month is:

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